BeWhere Holdings Inc. Announces Expedited Acquisition and Appointment of Board Member

Rhea-AI Summary

BeWhere Holdings (TSXV:BEW)(OTCQB:BEWFF) has announced the acquisition of a US-based IoT installation and logistics services company for USD600,000. The deal includes USD250,000 in cash and 690,141 common shares at CAD0.71 per share (USD350,000). The target company reported USD1.2 million in revenue and USD170,000 in net income (unaudited) for the trailing twelve months.

The acquisition will establish BeWhere's wholly-owned US subsidiary, enhancing its capability to provide local installation and logistics services to its growing US client base. The transaction awaits final TSX Venture Exchange approval.

Additionally, BeWhere appointed Peter Wilcox to its Board of Directors. Wilcox, currently Director of Technical Product Management at Bell Canada, brings extensive telecommunications expertise, particularly in 5G, IoT, and enterprise digital transformation.

Positive

• Acquisition adds USD1.2M in revenue and USD170K in net income
• Establishment of US subsidiary enhances service capabilities for US clients
• Strategic acquisition funded through mix of cash and shares, preserving capital
• Addition of board member with relevant industry expertise in IoT and 5G

Negative

• Share issuance of 690,141 shares causes minor dilution to existing shareholders

TORONTO, ON / ACCESSWIRE / January 8, 2025 / BeWhere Holdings Inc. (the "Corporation" or "BeWhere") (TSXV:BEW)(OTCQB:BEWFF) announces that pursuant to an arm's length agreement dated January 8, 2025, the Corporation has agreed to acquire 100% of the issued shares of a United States Corporation which provides Installation, Field Service and Warehousing / Logistics for IoT device and solutions companies. The purchase price for the shares is USD600,000, which is payable in cash in the amount of USD250,000 and by the issuance of a total of 690,141 Common Shares of the Corporation at a deemed price of CAD 0.71 per share for a total amount of CAD490,000 (USD350,000). Total revenue and net income of the target company for trailing twelve months was USD 1.2 Million (CAD 1.68 million) (unaudited) and USD 170,000 (CAD 238,000) (unaudited), respectively.

The acquisition will enable BeWhere to operate a wholly owned US subsidiary providing local Installation and Product Shipping / Logistics for a growing US client base in addition to servicing an existing client base.

The transaction is subject to final acceptance by the TSX Venture Exchange.

Appointment of Board Member

BeWhere is pleased to announce the appointment of Peter Wilcox to the Board of Directors. Mr. Wilcox brings a wealth of experience in the telecommunications industry, currently serving as Director of Technical Product Management at Bell Canada. His two-decade career has focused on leading high-performing product teams and delivering innovative solutions across a range of technologies including 5G, IoT, Private Mobile Networks, connected car technologies and internet and media services. His expertise in solving complex enterprise digital transformation challenges will be invaluable to BeWhere.

At Bell, Peter spearheaded the development of Bell's 5G developer program, accelerating business adoption of 5G through strategic partnerships. Peter holds an Honours Business Administration degree from the Ivey Business School at Western University and is a charter member of the Innovation North lab, dedicated to reimagining corporate innovation through systems thinking to create better business outcomes and a more prosperous, resilient, and sustainable future.

"We are happy to have Peter join BeWhere's board," said Paul Christie, Chairman BeWhere Holdings Inc. "We will benefit from his wealth of experience and knowledge in telecommunications, as well as his extensive background in product innovation and strategic and operational management."

"I am excited to join BeWhere on their Board of Directors," said Peter Wilcox. "Through my work at Bell in delivering 5G and IoT solutions for businesses, I understand that enterprises of all sizes are looking for ways to harness data and act on it in order to drive their businesses forward. I'm looking forward to contributing on the BeWhere board and provide strategic guidance on new and meaningful ways for BeWhere to deliver value for their customers.

About BeWhere

BeWhere (TSXV:BEW)(OTCQB:BEWFF) is a Mobile Internet of Things ("M-IoT") solutions company that designs and sells self-powered hardware with sensors and software applications. Our solutions serve two main markets: (1) Asset Tracking, consisting of remote location tracking various non-powered fixed and movable assets such as trailers, dry vans etc., and (2) Connected Sensors, to remotely track information on assets for water pressure, water detection and soil moisture. BeWhere's devices use the latest available cellular technologies (LTE-M and NB-IoT) to transmit collected data into mobile applications and cloud-based platforms, at a much lower cost than traditional cellular networks. BeWhere also offers solutions that can be fully integrated with existing software, and white-labeled. BeWhere' solutions are cutting edge, offering low-cost sophisticated technology which allows customers to deploy remote tracking technology where cost was previously prohibitive.

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NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information contact:

Owen Moore, CEO
Office: 844-229-4373 ext. 102
Email: omoore@bewhere.com

SOURCE: BeWhere Holdings Inc.

View the original press release on accesswire.com

FAQ

What is the value of BeWhere Holdings' (BEWFF) recent US acquisition?

BeWhere Holdings is acquiring the US company for USD600,000, comprising USD250,000 in cash and USD350,000 in shares (690,141 common shares at CAD0.71 per share).

What are the financial metrics of BeWhere's (BEWFF) acquisition target?

The target company generated USD1.2 million in revenue and USD170,000 in net income (unaudited) over the trailing twelve months.

How will the January 2025 acquisition benefit BeWhere's (BEWFF) US operations?

The acquisition will enable BeWhere to operate a wholly-owned US subsidiary providing local Installation and Product Shipping/Logistics services for its growing US client base.

Who is the new board member appointed to BeWhere Holdings (BEWFF) in January 2025?

Peter Wilcox, Director of Technical Product Management at Bell Canada, was appointed to BeWhere's Board of Directors, bringing expertise in telecommunications, 5G, and IoT.